In Short

A round-up of today's business news in brief

Second-hand houses in Dublin fall 21.5% in year

The average cost of a second-hand property in Dublin fell by a further 4 per cent in the final quarter of 2009, writes Charlie Taylor.

This brings the total drop in prices to 21.5 per cent for the year, according to data from Sherry Fitzgerald.

Prices in the capital have fallen by 45.7 per cent in real terms since the peak of the market in 2006 and are now at 2003 levels, the State’s largest estate agents said.

Overall, the average cost of a second-hand property in Ireland declined by 4 per cent in the fourth quarter of 2009, bringing the total yearly decline to 20.3 per cent.

Nationally, house prices have fallen by 40.2 per cent over the past four years.

In Cork, prices were down by 20.2 per cent last year.

First-time buyers bought 55 per cent of properties traded in 2009.

Ireland easiest country for business taxes

Ireland been ranked as the easiest country in Europe to pay business taxes for the third year running, according to a study.

Paying Taxes 2010, compiled by PricewaterhouseCoopers, the World Bank and IFC, covers 183 countries. As well as corporate income tax, the study covers social contributions and labour taxes paid by employers, property taxes, dividend tax, capital gains tax, transactions taxes, waste collection, and vehicle and road taxes.

Ireland is ranked in sixth place in the overall global rankings behind the Maldives, Qatar, Hong Kong, the United Arab Emirates and Singapore.

In Ireland it takes firms 76 hours to comply with tax rules, compared with an EU average of 232 hours.

'Signs of progress' in Aminex Korea talks

Aminex, an Irish oil producer operating in Africa, Asia and the US, says it has made progress in talks with North Korea over starting exploration in the country.

“There are signs of progress,” according to chairman Brian Hall.

“There was definitely a willingness to do things,” he said yesterday of a visit to the communist state in November, adding that Aminex may have more to report “in the next couple of months”.

The company agreed to explore for oil and gas in North Korea in 2005 after signing a 20-year contract to develop the country’s oil industry a year earlier. The accord, which covers areas of the West Sea, East Sea, Anju, Jaeryong and Pyongyang basins, has been held up as the two sides negotiate terms.

Aminex rose to a 14-month high in London yesterday after publishing its provisional drilling plan for the year. – (Bloomberg)

DCC acquires Shell Direct Austria

Industrial holdings firm DCC says it has completed the acquisition of Shell Direct Austria (SDA). The deal to acquire the oil distribution business is worth €18 million.

DCC has entered into a long- term supply arrangement with Shell in Austria. DCC acquired €2.1 million in net assets after the takeover.

The group says it expects SDA to generate a return on capital broadly in line with its other energy businesses.

Spyker Cars to bid for GM Saab assets

Dutch luxury car maker Spyker Cars is working on its final offer for the Saab assets of General Motors and will file its bid by a January 7th deadline, according to its chief executive.

Swedish daily Dagens Industrisaid yesterday that Spyker would revise its bid for GM's loss-making car manufacturer Saab for a third time to address GM's criticism of its current offer. – (Reuters)